Last week gold was very volitile. with big movements up to 700pips. During market closure gold got big pricegaps. Be carefull trading this volitile market.
Notice the longterm uptrend in the daily and weekly time frame. If we break it down to H2 we got a clear head and shoulder pattern. It will only be valid if gold manage to break the neckline of this pattern and break below the H2 FVG/support located around 3246 up to 3256. Confirmed break will send gold lower. If gold manage to break above the resistance trend our first bull target should be 3365 level.
I use Priceaction trading only.
Resistance: 3319, 3343, 3367, 3385
Support: 3294, 3246, 3232
Notice the longterm uptrend in the daily and weekly time frame. If we break it down to H2 we got a clear head and shoulder pattern. It will only be valid if gold manage to break the neckline of this pattern and break below the H2 FVG/support located around 3246 up to 3256. Confirmed break will send gold lower. If gold manage to break above the resistance trend our first bull target should be 3365 level.
I use Priceaction trading only.
Resistance: 3319, 3343, 3367, 3385
Support: 3294, 3246, 3232
Trade active
Neckline couldnt break. Gold pushed higher broke the resistance trend. if 3368 right shoulders breaks then switch to buys.Trade closed: target reached
GOld rejected the resistance zone 3346.Note
Focus on key support 3268. Got multiple rejections created here.(wicks) Below we have FVG and support zone wich has not been tested yet. My expectations are that gold will try to grab liquidity here and create fakeout(Leaving big wick) back up above to 3283 and posible above. Need to watch priceaction carefully
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.